Content network firm Instamedia Network has raised $4 million in strategic funding from Times Internet Limited, a subsidiary of The Times of India Group. Instamedia, which also creates software as a service (SaaS) based content platform Instapress, has raised angel funding from Indiagames founder Vishal Gondal and was part of the of the first batch of incubator The Morpheus.
The deal is a cash infusion and not a Times Private Treaty deal, where ad space is traded for equity.
The new round of funding will help grow the company's network of writers and accelerate its technology platform development, it said in a statement. The company also plans to launch local sites, targeting the European and US audiences, which already today drive over 60% of their traffic.
Instamedia citizen journalism platform Instablogs has over 4 million monthly unique visitors. It has also created a network which runs sites in fifteen niche verticals like lifestyle, green living and technology.
The Shimla based firm, which now plans to open an office in Noida, has also developed a proprietary platform called Instapress which helps drives accountable and measured return on its content. Instapress implements efficient workflows to streamline collaboration between
various content contributors, with objective measurement tools to track effectiveness. It now plans to open this technology to other media networks through its service called Instapress Content Server.
“We are excited at the opportunity to help new, emerging media companies develop their businesses and grow the space. The entire Instamedia team has amazed us with their drive, creativity, and clarity, and we are confident that they will continue to create a large presence in the digital content ecosystem globally,” said Satyan Gajwani, Director of Business Development, Times of India Group. Gajwani will also join the board of Instamedia.
“The Times Group will be a great long-term, strategic partner. They understand this space very well and bring a lot of experience and expertise to the table,” said Ankit Maheshwari, CEO and co-founder of Instamedia network.